On December 4, 2019 Charie purchased office equipment for 400,000 , terms 2/10,n/15 , inclusive of a 12 % creditable input VAT entry was made on the date of purchase . The same was paid on December 31, 2019 and the former accountant debited Office Equipment and credited Cash for 400, 000 What is the correct initial carrying amount of the PPE?
On December 4, 2019 Charie purchased office equipment for 400,000 , terms 2/10,n/15 , inclusive of a 12 % creditable input VAT entry was made on the date of purchase . The same was paid on December 31, 2019 and the former accountant debited Office Equipment and credited Cash for 400, 000 What is the correct initial carrying amount of the PPE?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 21CE
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On December 4, 2019 Charie purchased office equipment for 400,000 , terms 2/10,n/15 , inclusive of a 12 % creditable input VAT entry was made on the date of purchase . The same was paid on December 31, 2019 and the former accountant debited Office Equipment and credited Cash for 400, 000 What is the correct initial carrying amount of the PPE?
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